Protect What Matters Most: Recognizing Elder Financial Abuse

June marks Elder Abuse Awareness Month, a time to raise awareness about a growing problem that has led to more than $6 billion in potential or actual losses nationwide, with victims losing an average of more than $34,000 per case.

Understanding the warning signs can help you protect yourself and your loved ones. In this article, we’ll cover how elder financial abuse often begins, common red flags to watch for, and steps you can take to help prevent it.

What Is Elder Financial Abuse?

Elder financial abuse occurs when someone takes or uses an older adult’s money, assets, or financial information for personal gain. It can take many forms, from fraudulent schemes to unauthorized use of money or financial accounts.

How It Often Begins

Elder financial abuse rarely happens all at once. More often, it develops gradually over time.

It might look like:

• A phone call that creates urgency
  • A request for financial help from someone familiar
  • A series of unusual withdrawals or transfers
  • A new person becoming involved in financial decisions
  • Requests to share account information or passwords

That’s why it’s important to pay attention to small changes that seem out of the ordinary.

Warning Signs to Watch For

Whether you’re monitoring your own finances or helping a loved one manage theirs, these warning signs may indicate potential financial exploitation:

• Unexplained withdrawals from accounts
  • Missing financial statements or account notices
  • Sudden changes in spending habits
  • Pressure to send money quickly
  • New individuals showing unusual interest in finances
  • Unexpected changes to account information or beneficiaries
  • Reluctance to discuss financial decisions

If something doesn’t seem right, trust your instincts and take a closer look.

Pause. Ask. Protect.

One simple idea can help prevent financial exploitation:

Pause

If something feels urgent or unusual, take a moment before acting. Pressure is one of the most common tactics used in financial exploitation.

Ask

If something feels off, talk it through with someone you trust or contact TVFCU. A quick conversation can help identify potential fraud before money leaves your account.

Protect

Never share personal or financial information unless you’re completely confident it’s safe. Taking a few extra minutes to verify information can help prevent costly mistakes.

Stay Protected With TVFCU

As we recognize Elder Abuse Awareness Month, TVFCU encourages members and their families to stay informed, ask questions, and speak up when something doesn’t feel right. A simple conversation today could help protect a loved one from financial harm tomorrow.

If you notice unusual account activity, receive a suspicious request for money, or have concerns about a loved one’s finances, TVFCU is here to help. Our team can answer questions and help you identify potential fraud before it leads to financial loss.

You can also use the YOUR$ app to monitor account activity and stay informed with account alerts and digital banking tools.

Whether you prefer to contact us directly or visit a local branch, we’re here to help you protect what matters most.

For more information on staying protected and recognizing fraud, explore our security resources.